| 1E - DSCR < 1.10. The loan is secured by a 19,850 sf office property in New York, NY buil tin 1929 & renovated in 2003. The property was inspected on 05/08/08; rated in Good condition. The Q1-2009 NCF DSCR is 1.05 with an occ of 100%. The decline in NCF is a result of an EGI decline. Annualized 2009 EGI has declined 16% from YE 2008. EGI decline is a result of a base rent and expense reimbursement decline. Base rents have dropped 16% from YE 2008, and expense reimbursements have dropped 85%. The property consists of three tenants with Our Lady of Mercy occupying 80.35% of NRA. The leases are NNN but landlord pays for security monitoring/maint, contract labor, maint elevator, exertiminating, sprinkler system maint, & building maint. In-place rents per the March 2009 rent roll are 937,555.44, and annualized reported base rents are $823,988.00. The decline in base rents appears to be due to a base rent variance for the tenant, New Prime Care. The expense reimbursement decline may be a due to the timing on when the Borrower receives reimbursements from the tenants. Bank of America will contact the Borrower for further property performance updates.
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